On August 1, Bryant borrowed $60,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%?please help me!!! need to make adjusting entry i know for sure that Interest expense is Debited ____$ interest payable (credited) _______$ how do i find amounts for the adjusting entries for a single month | |
do your own homework kid
There is probably a better formula out there however you can calculate interest by taking 60k*.08=interest for 1year. Divide interest by 365 you will get a daily rate. Multiply the daily rate by 30 days and that will give you the interest for 1 month. If you know your payment amount every month you can subtract the interest to see how much is actually going to the principle.
